Czech National Bank Buys 4,549 Shares of Otis Worldwide Co. (NYSE:OTIS)

Czech National Bank increased its position in Otis Worldwide Co. (NYSE:OTIS) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,597 shares of the company’s stock after acquiring an additional 4,549 shares during the quarter. Czech National Bank’s holdings in Otis Worldwide were worth $8,481,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rafferty Asset Management LLC lifted its position in shares of Otis Worldwide by 4.8% in the fourth quarter. Rafferty Asset Management LLC now owns 34,330 shares of the company’s stock valued at $3,072,000 after acquiring an additional 1,586 shares in the last quarter. Cibc World Markets Corp grew its holdings in Otis Worldwide by 132.1% during the 4th quarter. Cibc World Markets Corp now owns 52,752 shares of the company’s stock valued at $4,720,000 after buying an additional 30,026 shares in the last quarter. American International Group Inc. raised its position in shares of Otis Worldwide by 0.3% during the fourth quarter. American International Group Inc. now owns 109,475 shares of the company’s stock valued at $9,795,000 after buying an additional 292 shares during the last quarter. Exencial Wealth Advisors LLC lifted its holdings in shares of Otis Worldwide by 3.6% in the fourth quarter. Exencial Wealth Advisors LLC now owns 4,463 shares of the company’s stock worth $399,000 after buying an additional 156 shares in the last quarter. Finally, Vinva Investment Management Ltd grew its stake in Otis Worldwide by 2.5% during the fourth quarter. Vinva Investment Management Ltd now owns 12,772 shares of the company’s stock valued at $1,145,000 after acquiring an additional 309 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on OTIS shares. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Barclays upped their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $100.86.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $104.56 on Friday. The firm has a market capitalization of $42.28 billion, a PE ratio of 30.22 and a beta of 1.03. The stock’s fifty day moving average is $95.30 and its 200 day moving average is $96.29. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.39.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 earnings per share. Equities analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.49%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.